A businessman from Wichita, named Nathaniel L. Smith, has been told he can’t do most of his business in Kansas anymore. This news comes from the Kansas Insurance Department Securities Division.
About two months ago, this division told Smith and his company, Smith General Ventures LLC, to stop what they were doing. They said that a quick look at their money records showed that since December 2018, they got at least $1 million from 70 people who invested with them.
The division’s order also said that some of these investors asked Smith to give back their money, but he didn’t. They also said Smith promised to tell them how their money was doing every two weeks, but then he stopped answering their questions.
Vicki Schmidt, who is in charge of insurance stuff in Kansas, said that a court in Sedgwick County decided to stop Smith and his company from doing certain business in Kansas. This means they can’t work as people who deal with money, stocks, or investments in Kansas, except for buying and selling stocks on big national stock markets for their own company.
The judge also said that Smith needs to respond to legal requests within a month. The order will stay in place until the court decides that Smith and his company have followed all the rules.
The document is an administrative order issued by the Kansas Insurance Department Securities Division against Nathaniel L. Smith and Smith General Ventures LLC. It outlines that the Division issued a cease-and-desist order against Smith and his company due to allegations of violating securities laws. The order states that Smith and his company received at least $1 million from 70 investors since December 2018. It also mentions investors’ complaints about not receiving promised updates on their investments and difficulty in obtaining refunds. The order imposes an injunction against Smith and his company from engaging in various securities-related activities in Kansas, except for trading in securities listed on national exchanges for their own account. Smith is required to respond to subpoenas within 30 days, and the injunction will remain in effect until compliance is determined by the court.
